XL Fleet to Rename as Spruce Power and Change NYSE Ticker Symbol to SPRU
Houston, TX – Nov 04, 2022 – XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a provider of subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage, today announced that it will change its corporate name to Spruce Power Holding Corporation, effective November 14, 2022. The Company will be known as Spruce Power. Additionally, the Company will change its NYSE ticker symbol from “XL” to “SPRU” at the open of market trading on Monday, November 14, 2022.
“We are excited to execute on the next stage of our new corporate strategy with the official change of our company name,” said Eric Tech, current Chief Executive Officer of XL Fleet. “Renaming our company to Spruce Power reflects our new focus on the residential solar and energy services market. Most importantly, it positions us to build upon the strong brand recognition that Spruce has earned in the residential solar market since 2018.”
“Transitioning the Spruce Power name to our new public platform is an exciting achievement for our company,” added Christian Fong, President of Spruce Power. “Our new platform affords us the resources needed to elevate our company’s mission to a next level, and this change is only the beginning.” It is expected that Mr. Fong will be named CEO of the combined companies in the first quarter of 2023.
Spruce Power Acquires Level Solar’s 16.5 MW-dc Rooftop Solar Portfolio
Houston, TX – July 26, 2022 – Spruce Power, the largest private owner and operator of distributed generation solar residential assets in the U.S., has closed on the acquisition of Level Solar’s entire portfolio of residential solar assets which has been managed by Long Island based, SUNation Energy since 2017. The deal closed in early July 2022 and extends Spruce’s stated strategy of providing a long-term home for not just the solar power assets, but the customers who, in choosing solar power, had made a positive clean energy choice for themselves and their communities.
The 2,637 rooftop solar assets, totaling 16.5 MW-dc of power capacity, acquired by Spruce Power in this transaction increases the company’s portfolio by nearly five percent. This deal marks Spruce Power’s eleventh portfolio acquisition in the last three years and pushes its portfolio’s total to more than 335 MW of capacity.
“Spruce Power has always been on the forefront of the M&A market in residential solar. Well thought-out and strategically executed acquisitions have positioned us as the largest private residential solar company in the U.S.” notes Christian Fong, CEO of Spruce Power. “Hats off to the New York Green Bank, who originally worked with Level Solar in creating this portfolio, in helping make this transaction a success. The renewable energy industry has been seeing substantial growth and we are thrilled to continue to grow with it. ”
Spruce Acquires Two Residential Solar Portfolios, Increases Holdings to More than 330 MW
HOUSTON, TX — November 17, 2020 —Spruce Finance, the largest private owner and operator of distributed generation residential solar assets in the U.S., has acquired two new asset portfolios, including the balance of NRG’s residential holdings. The NRG purchase is Spruce’s largest to date and the latest example of the company’s residential solar asset “growth by acquisition” strategy in the U.S.
The NRG portfolio comprises 8,984 systems, totaling 60 MW. Spruce also acquired a portfolio from WEC Energy Group, made up of 1,047 systems, which Spruce had already been managing via its Energy Service Experts (ESE) subsidiary. Together, the acquisitions push Spruce’s total rooftop solar assets to 337 MW, representing year-to-date portfolio growth of 78 percent and over 100 percent portfolio growth in the last 12 months.
The company also executed a new $150 million senior credit facility that it will partially draw on to finance both deals.
“We continue to demonstrate momentum and pursue our M&A strategy, proving the value created by consolidating assets in the residential solar space,” said Christian Fong, CEO of Spruce Finance. “The trust and collaboration with our established partners like NRG and WEC Energy Group enables us to successfully execute on our strategy.”
Spruce pivoted from loan origination to asset ownership and created ESE for asset management and maintenance in 2017 after restructuring and receiving an investment from HPS Investment Partners.
The latest acquisitions follow deals from earlier this year that added nearly 112 MW to Spruce’s portfolio of residential solar. Spruce is actively pursuing other acquisition and strategic opportunities in… Read More
Spruce Finance Acquires Clearway Energy’s Portfolio of Residential Solar Assets
HOUSTON, TX — May 14, 2020 — Spruce Finance, the largest private owner and operator of distributed generation solar residential assets in the U.S., has bought Clearway Energy’s entire portfolio of residential solar assets. The deal is Spruce’s largest to date and the latest example of the company’s residential solar asset “growth by acquisition” strategy in the U.S.
The 53 megawatts (MW) of rooftop solar assets acquired from Clearway expands Spruce’s portfolio by 20 percent to more than 250 MW. This brings Spruce’s year-to-date portfolio growth to more than 30 percent, which already matches the 30 percent increase that the company achieved during 2019.
The deal also benefits Spruce’s independent subsidiary, Energy Service Experts (ESE), which has entered into a transitional asset management services partnership with NRG. As a result, ESE has
“Despite the current global crisis, we expect strong and stable returns—both financial and environmental—from investing in a renewable future,” said Christian Fong, CEO of Spruce Finance. “The Clearway acquisition comes because of our strong relationships with others in the industry, and underscores our ability to stay the course in a challenging time. As a preferred sector in the broader energy and power industry, we are enjoying continued access to the capital markets and keep growing in our residential and distributed generation solar markets.”
News of the Clearway deal comes on the back of Spruce’s recent announcement that it closed a $124 million debt financing deal for its portfolio of residential solar power purchase agreements (PPAs) and leases with Vantage Infrastructure and Sequoia Economic Infrastructure Income Fund (SEQI). A portion of the capital infusion from those funds has been used to acquire the Clearway assets as part of Spruce’s strategic plan for expanding its holdings through organic growth and M&A activities.
About Spruce Finance
Spruce Finance (www.sprucefinance.com) owns and operates a growing portfolio of distributed generation solar residential assets in the U.S. Headquartered in Houston with executive offices in